Trump urges new Fed Chair Kevin Warsh to be 'totally independent,' only don't stifle growth
President Trump swore in Kevin Warsh as the new chairman of the Federal Reserve, emphasizing the importance of independence in his role. Trump expressed his desire for the Fed to support economic growth while managing inflation, a balancing act that poses challenges for Warsh. Warsh, a former Fed governor, acknowledged the responsibilities of his new position and shared Trump's optimism about future economic prosperity.
- ▪Trump urged Warsh to be 'totally independent' during his swearing-in ceremony.
- ▪The consumer price index rose 3.8% year over year in April, the largest increase in three years.
- ▪Warsh, who previously served as a Fed governor, highlighted the potential for unmatched prosperity in the coming years.
Opening excerpt (first ~120 words) tap to expand
President Trump told Kevin Warsh to be “totally independent” as he swore him in as chairman of the Federal Reserve in front of a who’s who of Washington conservatives at the White House. Mr. Trump’s insistence on independence was notable after he repeatedly cajoled the most recent Fed chair, Jerome Powell, to cut interest rates. “I want him to be independent and just do a great job,” Mr. Trump said Friday in the East Room. “Don’t look at me, don’t look at anybody. Just do your own thing and do a great job.” At the same time, Mr. Trump said he doesn’t want the Fed to impede growth, a not-so-subtle reference to his desire to cut interest rates even as some central bankers fret over rising inflation. “We don’t want to see it stifled,” Mr. Trump said as Mr. Warsh stood a few feet away.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Washington Times.
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